EARNINGS AND TRADING: Pennpetro eyes Texas well restart as oil rises
The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Onward Opportunities Ltd - UK smaller companies-focused investor - Says preparations are ‘well underway’ for its planned move to London’s Main Market from AIM. Expects to join the Main Market on April 16, and to be cancelled from AIM trading as a result. Also provides notice of its annual general meeting on April 15, where it will propose non-material changes to its investing policy and articles of association, which are required to facilitate the listing migration.
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Solid State PLC - component supplier and computing, power, and communications product maker - Confirms John Macmichael as chief executive officer on a permanent basis, effective immediately. Notes that Jon Baxter is appointed managing director of Solsta, and will assume control of the Components division. Chair Nigel Rogers comments on Macmichael: ‘John accepted the appointment as Interim CEO last November in unexpected circumstances and provided immediate stability and confidence to the company and its stakeholders. Since then, he has shown great leadership to the senior team, and has embraced the development and implementation of group strategy. We are pleased to confirm his appointment on a permanent basis and look forward to his ongoing contribution.’
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Geo Exploration Ltd - oil and gas exploration company focused on Africa, Australia and the Mediterranean - Pretax loss widens to $1.8 million in 2025 from $543,290 in 2024 while net finance income decreases to $7,137 from $10,087. Says it will continue exploration of its Western Australian gold portfolio, ‘including further geological interpretation and targeting following the maiden drilling programme at the Juno project.’ Also plans to start exploration at its recently acquired Gorge project, with a view towards initial drilling, and to ‘continue discussions with potential industry partners regarding a farm-out of its Namibian offshore licence PEL 0094’. Adds that it remains focused on value for shareholders through exploration work and ‘disciplined capital allocation’.
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Pennpetro Energy PLC - London-based developer of ‘strategic traditional and transition energy projects’ in Ukraine, US and Canada - Decides to resume production at one of four wells in Texas, known as the Chalk Talk A-1H well, ‘subject to necessary administrative and protective processes’. Aims to generate near-term revenue as a result, and in parallel with the development of other projects. Chair Richard Spinks explains: ‘Our interests in Texas do not divert attention away from Ukraine, or other opportunities we are exploring but with the strong oil price currently, we felt this decision was in the best interests of the company.’ Should production at the Texas well resume, Pennpetro expects a partial or full reversal of the impairment loss previously reported for this asset. Expects work towards production to start ‘within a matter of weeks’, with the asset becoming operationally shortly afterwards, subject to any time required to renegotiate the lease, which former management had allowed to lapse. Adds that it has secured funding for this work with RMD Group, and that: ‘This move is intended to transform the company into a cash-generative business while current global geopolitical landscape creates opportunity for higher returns on production.’ Says it is targeting ‘the Limnytska license in western Ukraine as the prime, large-scale asset for acquisition, whilst also evaluating other Western Ukraine licenses to leverage proximity synergies and near-term production.’ Also continues due diligence on further opportunities in the US and Canada.
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Aptamer Group PLC - York, England-based synthetic binders developer - Raises £4.3 million through a placing and subscription priced at 0.6 pence per share. Expects the first £1.4 million tranche of the placing to complete on or around March 31, and the second £2.9 million tranche, along with the subscription, to complete on or around April 16. Also launches a retail offer of up to 83.3 million shares at 0.6p each to raise up to £500,000. Says the offer will be for existing shareholders, with participants receiving one warrant to subscribe for new ordinary shares for every three new ordinary shares taken up. The warrants will be exercisable at 0.9p per share and the retail offer remains subject to completion of the placing and subscription. Notes that the size of the retail offer may be increased based on demand, at the discretion of Aptamer and bookrunner Turner Pope Investments Ltd. Adds that the proceeds will be used as previously communicated, to provide a cash runway through to 2028, funding working capital, manufacturing, development of Aptamer’s liver fibrosis delivery vehicle and targeted radio pharmaceutical pipeline, as well as an AI?enabled Optimer discovery engine.
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Guardian Metal Resources PLC - London-based mining company targeting tungsten in Nevada - Appoints Jake Mather as chief financial officer, effective immediately. Says current finance director and executive director Benjamin Hodges will step down as an executive, but will remain on the board in a non-executive capacity. Notes that incoming CFO Mather is based in Salt Lake City, Utah and has over 20 years of experience in mining finance, including a 12-year stint at Rio Tinto PLC. Chair JT Starzecki comments: ‘We are delighted to welcome Jake to the Guardian Metal team at an important stage for the company. He brings with him a wealth of experience, including as leader of financial divisions within fast-growing, natural resource organisations, suited to Guardian Metal as we progress the development of our US-based tungsten projects.’ The appointment follows Guardian Metal’s IPO in New York, which closed on Tuesday.
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Andrada Mining Ltd - tin producer targeting Namibia - Says the fourth quarter ended in February ‘concludes a transformational year’. Says it has ‘established strategic partnerships that fully fund the accelerated development of its broader portfolio of critical minerals’. Says first $10 million of $51 million phased investment into Brandberg West project has been received, and that workstreams have begun. Notes that inaugural drilling at the Lithium Ridge project has found evidence of ‘high-grade lithium mineralisation... alongside substantive tin and tantalum mineralisation’. Adds that it has improved an existing tin offtake agreement at the Uis mine. Over the course of financial 2026, estimates that it processed 1.0 million tonnes of ore, up from 970,000 tonnes on-year at a processing rate of 146 tonnes per hour, up from 136 tonnes the year prior. Estimates that it produced 1,740 tonnes of tin concentrate, up from 1,507 tonnes the previous year, and that contained tin output rose roughly 11% to 1,036 tonnes from 932 tonnes. Chief Executive Anthony Viljoen comments: ‘We are delivering on our long-term strategy of consolidating highly prospective historic mining assets, attracting world class partners to accelerate their development, at a time of record commodity prices and immense strategic significance for our critical minerals portfolio.’ The CEO adds: ‘Andrada enters FY2027 with institutional backing from world-class partners, and de-risked growth pipeline.’
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